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Three Arrows Capital (also known as 3AC or TAC) was a Singapore-based cryptocurrency hedge fund. Founded in 2012 the company borrowed billions of dollars to fund its trading, and was one of the biggest global crypto hedge funds. On 22 June, The Wall Street Journal reported that Three Arrows had failed to repay money lent from cryptocurrency broker Voyager Digital. On 27 June 2022, Voyager Digital issued a notice of default against Three Arrows for failing to make the required payments on a Bitcoin and USD Coin loan worth more than $665 million. On the same day, a court in the British Virgin Islands ordered the liquidation of Three Arrows Capital. The fund appears to have lost in excess of $3 billion over 2021 and 2022, making its collapse one of the largest hedge-fund trading losses of all time.